A.E. and all, "there is no business cycle any more" an interesting statement, if I've ever seen one. G.
U.S. Economy
Thu, 23 Sep 1999, 11:46pm EDT
World Bank's Stiglitz on U.S. Economy, Business Cycle: Comment By Emily Schwartz
Washington, Sept. 23 (Bloomberg) -- Joseph Stiglitz, the
World Bank's chief economist, comments on the U.S. economy.
Stiglitz, who served as chairman of President Bill Clinton's
Council of Economic Advisers from 1995 to 1997, spoke in
Washington at the World Economic Development Conference.
``If we continue to have good economic management, and I
won't we say what that means in terms of personnel, we will
continue to have economic expansion' in the U.S, Stiglitz said.
``Given good macroeconomic management, the probability of a
downturn doesn't increase the longer the expansion lasts, and this has been true since World War II,' Stiglitz said. ``That is to say, there is no business cycle any more.'
``While the economy is always vulnerable to a downturn, the
fact that there's been a long expansion does not increase the probability of a downturn,' he said.
No URL, sorry.
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